Unicorn Investment Bank achieves record results

Unicorn Investment Bank B.S.C. (c) (UIB) announces record results for the nine month period ended 30 September 2006.

Bahrain: Tuesday, November 07 - 2006 at 15:34
PRESS RELEASE

related stories

Unicorn Investment Bank (UIB) RSS feed

» more Unicorn Investment Bank (UIB) news

Earnings rose by 249%, from US$18.4 million in the first 9 months of 2005 to US$64.1 million in the first 9 months of 2006. Net profit increased to US$34.9 million, representing UIB's best performance by far since its inception in May 2004.

The record results delivered dramatic improvements in the key profitability and shareholder return measures. The Return on Equity in the first 9 months of 2006 improved to 20.5%; and EPS (earnings per share) climbed to 29 cents per share. The cost/income ratio (the measure of bank operational efficiency) improved from 101.5% in 2005 to 45.6% in 2006. UIB continues to follow a stable growth strategy in building its businesses and the resulting first 9 months cost growth of 57% was more than offset by the corresponding 249% surge in operating income.

Total assets have doubled during the first 9 months of 2006, rising from US$149.4 million at 31 December 2005 to US$299.2 million at 30 September 2006. Shareholders' equity has more than doubled over the same period (to US$270.9 million) following the Bank's successful round of capital raising in July 2006. The enhanced capital base will fund further organic and inorganic business growth and so support the Bank's strategy to offer clients a fully integrated range of competitive Shari'ah-compliant products and services on a global basis.

Mr. Majid Al-Sayed Bader Al-Refai, UIB's Managing Director & Chief Executive Officer said: 'We have achieved with the grace of Allah a major uplift in both our earnings and profitability and significantly strengthened our income streams, liquidity and capital base. The combination of increased earnings and enhanced capital provides a solid platform for expansion via strategic acquisitions and continued organic growth.'

UIB has consolidated a strong market position since its inception in 2004 by creating a foothold in selected markets, particularly in the GCC countries, Southeast Asia and the United States. The increased capital base enhances the Bank's earnings potential going forward.

ADD ARTICLE TO
Facebook
del.icio.us
Digg

Index : Company News : Unicorn Investment Bank (UIB)

Browse related articles

« Previous article Next article »

Today's most read articles:

Notes and media contacts

About Unicorn Investment Bank

• Unicorn Investment Bank commenced operations on 5 May 2004 in the Kingdom of Bahrain.
• In its first eight months of business, UIB achieved revenues of US$36.4m and a net profit of US$17.1m.
• In 2005 (its second year of operation), UIB reported full year revenues of US$52.6m and a net profit of US$24.2m.
• UIB doubled its capital following a successful round of capital raising in July 2006.
• UIB has achieved a number of 'firsts' in Islamic banking. In November 2005, the Bank closed the 'KSA Real Estate Fund-1', the first ever equity fund to allow non-Saudi nationals to invest in the growing Saudi Arabian property market via an innovative financial and legal structure.
• In May 2006, UIB launched 'Gulf Springs', the first pan-GCC real estate fund, in partnership with leading real-estate developers in each GCC market.
• UIB, working in partnership with a multilateral organisation, has recently closed 'KSA MBS 1 International Sukuk,' the GCC's first Shari'ah-compliant asset-backed security: a debt product designed for home financing companies in the Kingdom of Saudi Arabia (akin to a mortgage-backed security).
• In September 2006, UIB and WestLB successfully closed a US$150m Musharaka Trust Sukuk for Kuwait's Investment Dar. This is the first Musharaka Sukuk structured with a put option for the investors and a call option for the issuer.
• In October 2006, UIB successfully completed the first closing of its Global Private Equity Fund 1, a five-year closed-end fund offering investors the opportunity to participate in Shari'ah-compliant private equity investments globally.
• Since its inception, UIB has already advised, structured and successfully placed deals with a total value well in excess of US$1 billion.

Mai AlJishi
Unicorn Investment Bank, Bahrain
Tel : +973 17566071

Mark Lunn
Gavin Anderson & Co, London
Bahrain Tel: +973 1756 6000
UK Tel +44 (0) 20 7554 1400

George Tucker
Gavin Anderson & Co, London
Bahrain Tel: +973 1756 6000
UK Tel +44 (0) 20 7554 1400

Posted by Lara Lynn Golden, News Editor
Tuesday, November 07 - 2006 at 15:34 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

This Article was updated on Saturday, November 11 - 2006

Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com

Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.

For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions